ATLANTA, GA – Carroll Organization announced today that it has acquired Cayo Grande Apartments in Fort Walton Beach, FL. The property was acquired in joint venture with W. P. Carey’s managed non-traded REIT, CPA®:18 – Global, and Silverpeak Real Estate Partners. Following Carroll’s ARIUM brand, Cayo Grande will be rebranded as ARIUM Emerald Isle and managed by Carroll Management Group.
“We’ve been an owner and operator in the Florida Panhandle for years. Ft. Walton Beach is a market we know extremely well and this acquisition allows us to efficiently scale our operations,” said M. Patrick Carroll, Founder and Chief Executive Officer of Carroll Organization. “In recent years, the area has seen limited new supply and renters are continually looking for more value from apartment communities. Cayo Grande presents a unique opportunity to acquire a quality existing asset and enhance the amenities to meet renter demand.”
Cayo Grande is conveniently located two miles from the Choctawhatchee Bay and just under six miles from the Gulf of Mexico. The community’s excellent renter demand is supported by the nearby major thoroughfares with great drive-by visibility, major employers, top rated schools and key demand drivers. The metro area also has a large military presence, including Elgin Air Force Base and Hurlburt Field. The Eglin complex is one of the largest air force bases in the world and encompasses 724 square miles of land. Between the two bases, they employ 23,000 military and civilian workers, which creates a $1.5 billion economic impact on the area.
The 301-unit community offers residents 17 different floor plans and community amenities, including three swimming pools, 24-hour fitness center with dry sauna, two business centers, a tennis court, putting green, picnic area and a car wash station. Carroll plans to implement a light value add business plan, including some amenity upgrades.
The purchase of Cayo Grande is the ninth multifamily acquisition for Carroll in 2015. With this transaction, Carroll has completed over $381 million in acquisitions this year and continues to actively purchase high-quality multifamily communities in the Southeast and Texas. Carroll sourced many of its deals “off-market” directly from developers and owners, and is recognized in the industry as an owner that executes at each stage of the investment life cycle.
About Carroll Organization: Carroll Organization is among the leading privately-held real estate companies in the United States. Founded in 2004 and based in Atlanta, Carroll Organization focuses on multifamily properties, including acquisitions, property and asset management services, and fund management. The firm provides investment vehicles for a broad range of investors to access the multifamily real estate asset class and has raised over $700 million of equity through Carroll Organization sponsored funds and joint ventures. Carroll has successfully purchased and developed over $2 billion of real estate. Carroll Organization's regional offices are located in Houston and Miami. Today, the company manages approximately 18,000 multifamily units in six states and has purchased other multifamily owner/operators throughout the U.S. The firm has also developed student housing, single-family residential and retail properties, and has overseen $50 million of construction management for both its owned and fee partners. From due diligence to execution, Carroll Organization has the internal capabilities and the external relationships to identify, underwrite, and close transactions. For more info, visit www.CarrollOrganization.com.
Silverpeak Real Estate Partners: Silverpeak is a full-service, diversified real estate investment and advisory business with approximately $11 billion of gross real estate assets under management. Silverpeak manages real estate on behalf of commingled funds, separate accounts and for its own account.